Bitcoin’s price recently broke out of a bullish pattern, pointing to a potential rise to $80,000. Despite this, the behavior of BTC holders, who are actively selling off their assets, represents a significant obstacle. This selling pressure is driven by the increasing realized profit/loss ratio, signaling that investors are taking profits rather than holding for further gains.
The macro momentum of Bitcoin also faces challenges, as reflected by the Fear and Greed Index recently moving into the greed zone. This shift in market sentiment toward greed leads to increased selling pressure, further impeding Bitcoin’s progress. Historically, such spikes in realized profits precede market corrections.
Bitcoin is currently trading at $62,623, with a critical resistance level at $63,724. A breakout remains unconfirmed until Bitcoin can reclaim $65,000 as support. Failure to maintain this support level could lead to a drawdown below $61,846, delaying the anticipated rally to $80,000. If Bitcoin can overcome the bearish pressure and reclaim $65,000, it could potentially trigger a 35% rally to form a new all-time high, with the possibility of rising to $68,500.
